Dedicating Time to Ordinary Numbers Can Prove Extraordinarily Valuable
By Shawn Harkey, MHA, director of financial services at Texas Retina Associates
Tax season is finally over! Aren’t you grateful for those number crunching, detail-oriented, left-brained certified public accountants (CPAs) who do countless sets of taxes (including yours) each year?
CPAs study reams of numbers – deductions, expenses, income – all so they can help you get the best refund or most reasonable income tax payment. Similarly, physician practice leaders have an opportunity to leverage data to make the best decisions. And leveraging data is critical in a world of value-based care, where reimbursements are linked to efficiency and quality.
In many cases, the data to fuel better decisions and more efficient processes is readily available. For instance, clearinghouse data such as payer rejection and denial rates can provide valuable insights into revenue cycle efficiency. Other critical and readily available metrics include lag days; appeals by payer, staff and physician; and charges and collections by staff, location, payer and physician.
Any of these metrics can unlock “aha” moments and enable your team to implement positive changes. The key is dedicating your time and effort on a regular basis so you can identify trends, patterns and areas in need of improvement.
Download the white paper Successfully Transitioning to Value-Based Payment Models to learn more about leveraging analytics to achieve success in today’s value-driven environment.